AUD/USD has turned sharply higher within its recent range, up 0.25%on the day to 0.7030, with a break above 0.7243 needed to confirm the uptrend is resuming, with next resistance at 0.7295, per Credit Suisse.
Key quotes
“AUD/USD has moved sharply higher within its range, breaking above the 0.7190/7196 mid-range highs to suggest we set to see a renewed challenge of its recent range highs at 0.7243/46. Fresh selling is expected at this point as bears try to maintain the range, particularly with short term momentum looking increasingly tired, however, our core medium-term outlook stays bullish and a break above here would end this range and see the upmove resume, with resistance seen thereafter at the late July and the 2019 high at 0.7284/95. “
“Support stays at 0.7141/32, which includes the 21-day exponential average, which ideally holds. Removal of here could see a fall back to the aforementioned ‘neckline’ at 0.7076, where we would expect to see a more important effort to hold.”
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